The Dutch economy grew 0.3% in the first three months of this year, taking the country out of recession, according to revised figures from national statistics office CBS.

Six weeks ago, the CBS said the economy had shrunk 0.2% in the first quarter, the third quarterly contraction in a row.
Now the CBS says government spending increased more than forecast, particularly on public transport, and household spending did not shrink as expected. ‘The economic picture is therefore more positive than stated earlier,‘ the CBS said.
Caution
The revised figures show economic growth is down by 0.8 of a percent on the same period in 2011, compared with 1.1% in earlier estimates.
Economic affairs minister Maxime Verhagen warned ‘we still have a long way to go’. ‘We may be out of recession but the Netherlands is still in the middle of a turbulent period,’ Verhagen said. ‘We have to deal with the euro crisis, getting the government’s finances in order, improving growth: there is a lot of work still to do.’
Finance minister Jan-Kees de Jager sounded a cautious note, saying he is also hearing many less optimistic signals as well. ‘So I am cautious. This is not the end of the bad news,’ he is quoted as saying by news agency ANP.
Ratings
US ratings agency Fitch said later on Tuesday it is maintaining the Netherlands’ triple A rating because the economic outlook is stable.
The Netherlands, described by Fitch as having a flexible, diversified and competitive economy, only need fear for a rating slide if the eurozone crisis worsens dramatically, the agency said.